KUALA LUMPUR, March 13 — Petroliam Nasional Bhd (Petronas) posted its strongest financial performance with a net profit of RM101.6 billion in the financial year ended Dec 31,...
KUALA LUMPUR, March 13 — Petroliam Nasional Bhd posted its strongest financial performance with a net profit of RM101.6 billion in the financial year ended Dec 31, 2022 , up 51 per cent against RM50.9 billion a year ago, on the back of favourable market conditions last year.
Petronas president/group chief executive officer Datuk Tengku Muhammad Taufik Tengku Aziz said while 2022 enabled the group to favourably capitalise on oil and gas upsides, last year also signalled heightened supply-demand volatility driven by sudden shifts in the market and an accelerated energy transition.
Petronas’ cash flows from operating activities increased to RM135.3 billion, while capital investments stood at RM50.1 billion contributed by upstream and downstream projects.Its shareholders’ equity increased to RM401.6 billion as at Dec 31, 2022, mainly attributable to the profit recorded during the year.
Petronas recorded a total daily production average of 2,434 thousand barrels of oil equivalent per day in 2022, higher than 2,275 thousand boe per day in 2021, mainly driven by overall improved demand for gas in Peninsular Malaysia coupled with realised opportunities and better performance from international operations.
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